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The 2017 Financial Statements of the state are correct

TALLINN, 30 August 2018 – In the opinion of the National Audit Office, the 2017 Financial Statements of the state of Estonia are essentially accurate, which means that they give a true and fair view, in all material respects, of the state’s financial position as well as its financial performance and cash flow for the year ended.

In the opinion of the National Audit Office, the 2017 Budget Implementation Report of the state, which indicates budgetary revenue in the amount of 9.16 billion, expenditure in the amount of 8.84 billion, investments in the amount of 414.8 million and financing transactions in the amount of 159.7 million euros, gives reliable information about the revenues collected, expenses incurred and investments and financing transactions made by the state. The economic transactions of the state have also in all material respects been carried out in compliance with the State Budget Act, the 2017 State Budget Act and the Act Amending the 2017 State Budget Act. This means that the National Audit Office did not find any significant errors in the implementation of the State Budget Acts.
The National Audit Office audited the functioning and reliability of the information systems supporting financing reporting separately this year. No deficiencies were found in the functioning of the information systems important from the viewpoint of financial accounting, which could significantly affect the quality of the financial data based on these systems.

Background:
The state’s total revenue in 2017 according to the 2017 State Budget Implementation Report amounted to 9.16 billion euros. The expenses incurred by the state amounted to 8.84 million euros and investments were made in the amount of 414.8 million. Expenditure and investments exceeded revenues by 100.3 million euros in 2017 (Please note: This is not a surplus or deficit of the government sector, as agencies financed through the state budget only comprise a small part of the government sector). According to the consolidated financial statements of the state, the monetary volume of the state’s assets as at 31 December 2017 comprised 17.3 billion euros and the majority of the assets are fixed assets (forest, roads, buildings, machinery). Compared to the previous period the monetary volume of assets has increased by 788.7 million euros.
The state’s liabilities totalled 7.9 billion euros as at 31 December 2017, which means that they have increased by 484.8 million euros compared to the previous period. Long-term liabilities in the amount of 4.84 billion euros comprise the majority of liabilities. The state’s has loan payables in the amount of 2.9 billion euros and they have remained at the same level as in the previous period. The state’s pension payables amount to ca 2.4 billion euros.